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Xinhua Asia-Pacific news summary at 0600 GMT, July 20

SYDNEY — Rising interest rates and inflation have led to the downgrading of Australia’s immediate economic forecast, according to a new report from one of the world’s largest accounting firms.

The Deloitte Business Outlook quarterly report, released this week, predicted that the nation’s financial recovery following the COVID-19 pandemic would be hampered by a range of factors. (Australia-Economic Forecast)